Most Bitcoin Cloud Mining Companies are Scams
Like the heading says, most cloud mining contracts are scams. Why? Because it’s easy for companies to take peoples’ money, and then not pay out. A company can claim to be a cloud mining company without any proof of actually owning any hardware.
So remember: 99% of cloud mining companies are scams.
Which Companies Are Not Scams?
There is only one cloud mining company we are willing to recommend on this site: Genesis Mining.
Genesis Mining
Genesis Mining is a Hong Kong based company although its founders are from Germany and attend many Bitcoin conferences. You can read more about Genesis Mining on their about page.
Genesis Mining offers three different Bitcoin mining cloud contracts. All plans are paid with a one time payment and are lifetime contracts:
Gold: 100 GH/s plan that costs $19.
Platinum: 2,000 GH/s plan that costs $340.
Diamond: 10,000 GH/s plan that costs $1,600.
Is Cloud Mining Profitable?
It depends what your goals are with cloud mining. If your goal is to obtain bitcoins, then there is really no reason to cloud mine or even mine at all. You will get more bitcoins for your buck if you just buy bitcoins!
If you think mining is cool and want to try, then cloud mining still is not a good option. Grab acheap USB miner and run it at home.
Bitcoin Cloud Mining Comparison
Well, this is just a joke! Since we only recommend one company (Genesis Mining) here there is no need for comparison. But check back in incase we find any new, legit cloud mining companies.
Bitcoin Cloud Mining Scams History
The reason there are so many cloud mining scams is because it is very easy for anyone in the world to setup a website. Once the website is setup it can claim that the company has a large mining facility. The company can act legit by sending initial payments to its customers. But after that it can just keep the already received payments for hash power and then make no further payments.
In just the last few months, two cloud mining scams were incovered: HashOcean and Bitcoin Cloud Services.
What Payment Methods do Cloud Mining Companies Accept?
Most cloud mining companies accept Bitcoin, PayPal, and credit cards. If a cloud mining company accepts bitcoins then there is a good chance it is a scam. This is because Bitcoin payments cannot be reveresed. Once the scam company receives your bitcoin payment you have no way to get your coins back.
Are there Free Cloud Mining Trials?
No company would give away free cloud mining; this is basically giving away free money. Any company offering free trials, especially if they require payment information, is most likely a scam.
How does Bitcoin Cloud Mining Work?
Cloud mining means a host company owns Bitcoin mining hardware and runs it at a warehouse. You pay the company and rent out some of the hardware. Based on the amount of hash power you rent, you will earn a share of payments from the cloud mining company for any revenue generated by the hash power you purchased.
Cloud Mining Viruses
There have been viruses that land on computers and then use the computers’ power to mine bitcoins. Run a malware detector on your computer if you think you may have come under attack.
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